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140 Main Street Bacchus Marsh

03 5367 2333

03 5367 2385

sales@arbeerealestate.com.au

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Tax tips for Bacchus Marsh’s investment property owners

6 Jul 2015 cathrynmcdonnell 0 Comment

house keySome people love it and others hate it, but no matter what you feel on the matter it’s time to get all of your finances in order to lodge your annual income tax return.

If you’re an investment property owner in Bacchus Marsh then we highly recommend that you educate yourself on what can and cannot be claimed at tax time.

For most people, it is probably a good idea to talk to a tax or financial advisor who can help you understand what can be claimed and ensure you’re getting your full tax benefits, especially since there are many cases where people don’t get all the tax back that they are able to.

But if you are doing your own tax then below is a list of some expenses that you may be able to claim back when you lodge your return:

–       Council and water rates

–       Strata levies

–       Insurances

–       Agent statements

–       Bank fees

–       Repairs and maintenance

–       Interest on loans

–       Travel expenses

–       Land tax

–       Deprecation and special building write-off

–       Renovations or improvements

–       Borrowing costs

Keep in mind that tax laws are always changing so it is important to check with the Australian Taxation Office (www.ato.gov.au) to gain the most up-to-date information.

If you don’t understand what can and can’t be deducted at tax time then it is definitely worth visiting a financial professional for advice to make sure that you are receiving your full tax benefits and don’t end up getting a visit from the tax man for making false or incorrect claims.

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